Dollar Hits 12-Year High Against Euro
The European common currency fell below $1.08 for the first time in over 11 years. Earlier in the trading day, it dropped to as low as $1.0723, before settling in at $1.0796. It was trading at $1.10 only one week ago and, at $1.40, was at an 18-month high 12 months ago.
The greenback also hit ¥122.04, its highest since July 20, 2007.
The dollar’s rise follows speculation that the United States will soon raise interest rates for the first time in almost a decade. Several major banks have forecast the dollar will achieve parity with the euro within the coming two years.
(Photo: Accura Media Group)